Inflation falls to 14.45% in November — NBS
National Bureau of Statistics NBS
Abdullateef Fowewe
Nigeria’s inflation rate has dropped to its lowest level in five years, falling to 14.45% in November 2025 and beating President Bola Tinubu’s 15% end‑2025 target ahead of schedule.
The National Bureau of Statistics (NBS) disclosed the new figure in its consumer price index (CPI) report released on Monday, noting that the November headline inflation rate “is lower relative to the 16.05 percent recorded in October 2025.”
The latest figure marks the eighth consecutive monthly decline in 2025.
According to NBS data, the current rate returns inflation to the range last seen during the COVID‑19 period, when headline inflation was in the 14% band in October 2020.
On a year‑on‑year basis, the statistics office said the November 2025 headline rate was “20.15% lower than the rate recorded in November 2024 (34.60%).”
“This shows that the Headline inflation rate (year-on-year basis) decreased in November 2025 compared to the same month in the preceding year (i.e., November 2024),” the agency stated in the report.
However, on a month‑on‑month basis, inflation quickened slightly.
“The Headline inflation rate in November 2025 was 1.22%, which was 0.29% higher than the rate recorded in October 2025 (0.93%),” the NBS said.
“This means that in November 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in October 2025.”
Food inflation also moderated sharply in annual terms. The food inflation rate in November 2025 stood at 11.08% year‑on‑year, representing “a decline of 28.85 percentage points from the 39.93% recorded in November 2024,” a change the NBS linked largely to a revised base year.
Despite the slowdown, the bureau reported price increases for staple items such as dried tomatoes, cassava tubers, shelled periwinkle, ground pepper, eggs, crayfish, unshelled melon (egusi), oxtail, and fresh onions.
Core inflation, which strips out volatile agricultural products and energy, printed at 18.04% year‑on‑year in November 2025, underscoring lingering price pressures in non‑food components of the economy.
The outcome represents an important milestone for the Tinubu administration.
In December 2024, while presenting the 2025 Appropriation Bill to a joint session of the National Assembly in Abuja, President Tinubu pledged to cut inflation from 34.6% to 15% by the end of 2025.
At the time, he declared, “The 2025 budget projects that inflation will decline significantly from the current 34.6% to 15% by the end of next year.”
With inflation now at 14.45%, the government has not only met that benchmark but slightly surpassed it, even as month‑on‑month data suggest that the battle against rising prices is not yet fully over.
